Is chlorinating latex actually a good idea, or a mistake?

I keep hearing about chlorinating latex and I honestly cannot tell if it is a game changer or a good way to ruin a nice piece. As I understand it, it makes the surface slippery so you can dress without powder, and it takes away that rubber smell some people cannot stand.

Sounds great, so what is the catch? Does it change the shine, thin the material, or shorten its life? And is this something you can safely do at home, or strictly a job for a proper service? I am tempted for my everyday pieces, but very nervous about doing it to anything I treasure.